Refurbished Medical Equipment Market - Forecasts from 2020 to 2025

The global refurbished medical equipment market is projected to grow at a CAGR of 12.17% to reach US$18.347 billion by 2025 from US$9.211 billion in 2019. Declining annual budget of hospitals in U.S. and Canada on account of inflation and burgeoning geriatric population is making difficult for the healthcare sector to purchase expensive medical devices. Recently, the Centers for Medicare and Medicaid Services released a report predicting a price increases for personal healthcare expenditure to 2.2% as compared with 1.9% for overall economic inflation, thus, causing the U.S. to experience a higher medical inflation in 2018. As a result, hospitals and ACUs (Ambulatory Care Units) are increasingly opting for cost-effective refurbished medical equipment in the region to provide world-class medical treatment to their patients. Since refurbished medical devices are compliant with strict regulatory standards, this ensures their efficiency which positively impacts the growth of refurbished medical equipment market. Simultaneously, booming medical tourism industry in Middle East is fueling the demand for refurbished medical equipment in the region. Growing focus on expanding healthcare infrastructure in African countries will also significantly drive the demand for refurbished medical devices across low budget hospitals for providing better medical treatment facilities.

Product Offerings by Major Market Players in the Refurbished Medical Equipment Market

The market players are highly participants in the market by offering and making available a variety of refurbished medical equipment including single-use and reusable products with enhanced and advanced features in order to cater to the rising demands from different distribution channels. This is intron helping them improve their market position and they are also contributing to the market growth over the forecast period.

Some of the examples of product offerings are as follows:

• Siemens Healthcare Private Limited, which is among the leading company involved in the provision of different technological and other enhanced and refurbished solutions. Some of the refurbished products offered by the company are angiography products, computed tomography products, molecular imaging systems, ultrasound systems. Some of the products mentioned under the angiography ecoline of products include Arcadis Orbic eco, Arcadis Orbic 3D eco, Arctis zee ceiling eco, and Arctis zee floor eco. Computer Tomography ecoline is a line of refurbished CT scanners. Some of the products under this product line are SOMATOM Definition Flash eco, SOMATOM Definition AS eco. SOMATOM Scope Power 32 eco, among others. Magnetic Resonance Imaging ecoline includes products such as Magneton Avanto 1.5 eco, MAGNETON Verio eco, and Mobile MRI Scanner eco among others.
• GE Healthcare, which is also considered and among one of the leading healthcare equipment manufacturers and the provider has gone through the GoldSeal standards and are restored to the same quality standards as brand-new equipment. Some of the solutions that are offered include “GoldSeal Bone Health”, “GoldSeal Computed Tomography”. The Bone Health segment includes products such as GoldSeal Lunar iDXA, which is a whole-body assessment product, and GoldSeal DPX Bravo - a product with a compact design with complete tools for bone assessment. The GoldSeal Computed Tomography includes products such as GoldSeal Optima CT600, which is a product that used to provide the patients care in a scalable and flexible package. GoldSeal CT750 HD is a product that provides a whole-body HD scan and the ability to reduce the dosage of the radiation to be given to the patients.
• Radiology Oncology Systems is a provider of refurbished medical equipment and systems relating to the fields of radiation therapy, diagnostic imaging, and other general medical equipment. Some of the radiation therapy equipment offered by the company include refurbished linear accelerators, Ct simulators so the best in class cancer-fighting solutions are being provided to the patients. In addition, some of the products that are provided under the diagnostic imaging equipment include CT scanners, MRI systems, PET/CT scanners among some others. The medical equipment that is being offered by the company includes various products from various other market players such as Varian, Siemens, Toshiba, Philips Healthcare among others.

Medical Imaging Equipment is estimated to hold a noteworthy market share over the forecast period and is estimated grow at a significant pace owing to the rising awareness among the different individuals for getting early signs and symptoms of various problems and the importance of these machines in healthcare facilities.

Medical imaging systems and equipment are estimated to hold a noteworthy market share over the forecast period and grow at a significant pace because they are increasingly important in hospitals and diagnostics centers. In addition, there is rising awareness among individuals due to the rising cases of serious and life-threatening diseases such as cancer, COPD, bronchitis, and pneumonia.

The North American region is estimated to hold a significant market share over the forecast period owing to the early adoption of refurbished equipment and the rising incidence of various diseases due to a prevalence of unhealthy lifestyles among the younger and middle-aged individuals.

North America accounted for a significant market share in 2019 and is projected to hold its position till the end of the forecast period. This dominance is attributed to growing healthcare spending and lax regulations for the use of refurbished medical devices in the region. Growing privatization of hospitals is another major factor that is bolstering the growth of North America Refurbished Medical Equipment market. APAC is projected to witness the fastest regional market growth during the forecast period owing to growing demand for low-cost yet advanced medical devices and equipment in countries like China and India. Limited funding available for hospitals coupled with high drug prices is putting pressure to cut down expenses, hence driving the demand for cheaper refurbished medical devices in the region.

Segmentation:

By Product Type

• Operating Room Equipment & Surgical Equipment
• Anaesthesia Machines
• Electrosurgical Units
• Others
• Patient Monitors
• Pulse Oximeters
• Electrocardiography Devices (ECG)
• Others
• Defibrillators
• AED Defibrillators
• Other Defibrillators (Manual, Biphasic, and Monophasic)
• Medical Imaging Equipment
• X-ray Machines
• Ultrasound Systems
• MRI Machines
• CT Scanners
• Others
• Cardiovascular & Cardiology Equipment X-ray Machines
• Heart-Lung Machines
• Coagulation Analysers
• Others
• EEG Machines
• Endoscopy Equipment
• Intensive Care Units
• Hardwire Systems
• Telemetry Systems
• Neonatal Intensive Care Units
• Monitors
• Incubators
• Other Equipment

By End-User

• Hospitals and Clinics
• Diagnostic Centres

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Others

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